Chainlink ($LINK ) is showing signs of renewed strength as large holders ramp up accumulation, hinting at a potential bullish swing in the near term. Recent on-chain data reveals that whales are actively withdrawing LINK from exchanges, signaling growing confidence and a reduction in sell-side pressure.
A newly created wallet recently moved 490,188 LINK valued at $9 million out of Binance, bringing its total holdings to 771,095 LINK, worth around $14 million. Such large-scale withdrawals highlight a clear pattern: institutional and high-net-worth investors are positioning for potential gains, echoing previous rallies triggered by similar activity.
Bullish Technical Setup: Pennant Formation Near $20
LINK is currently consolidating within a bullish pennant following a strong upside impulse earlier this quarter. The price is hovering around $18.85 and testing resistance at $19.91. A decisive breakout above this level could pave the way toward $23.77 and even $28.06.
Technical indicators support this optimistic outlook. The Relative Strength Index (RSI) sits near 48, suggesting room for further upward momentum. While a failure to maintain the $16.51 support could temporarily stall the rally, the overall structure remains favorable for recovery, with momentum steadily turning positive.
On-Chain Metrics Reinforce Bullish Sentiment
Futures data confirms growing buy-side confidence. CryptoQuant’s Futures Taker CVD shows traders aggressively executing market buy orders, reflecting strong belief in LINK’s upward potential. The persistent taker buy strength aligns with ongoing whale accumulation, reinforcing expectations of a near-term breakout if demand continues to rise.
Open Interest also surged by 7.7% to $695 million, signaling heightened trader participation and capital inflows into LINK’s derivatives markets. Such increases in OI, especially alongside whale withdrawals and bullish chart patterns, suggest that both spot and futures markets are preparing for potential volatility and upward price action.
Can LINK Reclaim $20?
The convergence of whale accumulation, bullish pennant consolidation, and rising speculative participation points to a critical juncture for LINK. If buyers successfully breach the $19.91 resistance, a breakout toward $23.77 could confirm renewed bullish momentum. Maintaining support above $16.51 is equally vital to sustain this recovery narrative.
Chainlink stands on the cusp of a decisive move, with whales leading the charge and technical indicators hinting at upside potential. Traders and investors alike are watching closely to see if LINK can reclaim the $20 level and solidify a bullish trajectory for the months ahead.
